Canadian Pacific and Unimin Corporation announce new long-term agreement for the movement of frac sand

MINNEAPOLIS, MN, March 15, 2012 /PRNewswire/ - Canadian Pacific Railway Limited
(TSX: CP) (NYSE: CP) today announced a multi-year agreement with Unimin
Corporation of New Canaan, Connecticut, for the movement of frac sand
from Unimin's facility in Wisconsin.

Unimin Corporation is North America's leading producer of industrial
minerals. The facility, the Company's newest and most productive, will
open in 2013 in Tunnel City, Wisconsin and will produce two million
tons of frac sand annually for energy markets in North Dakota, Texas,
Colorado and elsewhere.

Under the agreement CP will become the exclusive rail service provider
at this facility for the movement of frac sand to Unimin Corporation's
destination markets.

"We have a long relationship with CP at many of our plants in North
America and we are delighted to expand this longstanding partnership,"
said Kevin F. Crawford, President and Chief Executive Officer at
Unimin. "Rail is an effective way to move our products and CP is a
reliable partner that will enable us to continue to deliver products to
critical energy markets."

"Canadian Pacific has been serving Unimin, one of our largest Industrial
Products customers, for more than three decades and we are pleased to
continue to grow this partnership through service at its new facility,"
said Jane O'Hagan, Canadian Pacific's Chief Marketing Officer and EVP
Marketing & Sales. "Canadian Pacific's scheduled railway will ensure we
efficiently manage their increasing volumes with reliable service."

"This agreement showcases the strength of CP's network through Wisconsin
with service to key energy regions throughout North America. CP has
proven performance in our ability to move energy-related products and
materials, such as frac sand, to important oil and gas producing
formations," said O'Hagan. "Canadian Pacific has extended our energy
franchise with ongoing capital investments on our U.S. Midwest network
and is moving forward with our 2012 accelerated capital plan which
includes investments that support our energy growth strategy. We are
pleased to be in a position to provide the capacity to our customers to
respond to the strong growth in the energy-related markets."

Canadian Pacific is the only North American railroad to serve the Bakken
Formation, the Alberta Industrial Heartland, and the Marcellus Shale.
In addition, CP is the only Class I railway to connect the energy hubs
of the U.S. Midwest, Alberta and Saskatchewan to the Northeast U.S.
Through its network to the Northeast U.S. and through the Kansas City
gateway to the U.S. Gulf Coast, CP is able to partner with the energy
industry to facilitate growth in moving oil and energy-related
materials. Each year, CP moves hundreds of thousands of carloads of
energy-related products, including crude oil, sulphur, fuels, diluents
and materials key to the energy industry, such as pipe and frac sand.

Note on Forward-Looking Information

This news release contains certain forward-looking statements relating
but not limited to our operations, anticipated financial performance
and business prospects. Undue reliance should not be placed on
forward-looking information as actual results may differ materially.
Forward-looking statements are not guarantees of future performance. By
its nature, CP's forward-looking information involves numerous
assumptions, inherent risks and uncertainties, including but not
limited to the following factors: changes in business strategies;
general North American and global economic, credit and business
conditions; risks in agricultural production such as weather conditions
and insect populations; the availability and price of energy
commodities; the effects of competition and pricing pressures; industry
capacity; shifts in market demand; inflation; changes in laws and
regulations, including regulation of rates; changes in taxes and tax
rates; potential increases in maintenance and operating costs;
uncertainties of investigations, proceedings or other types of claims
and litigation; labour disputes; risks and liabilities arising from
derailments; transportation of dangerous goods; timing of completion of
capital and maintenance projects; currency and interest rate
fluctuations; effects of changes in market conditions and discount
rates on the financial position of pension plans and investments,
including long-term floating rate notes; and various events that could
disrupt operations, including severe weather, droughts, floods,
avalanches and earthquakes as well as security threats and governmental
response to them, and technological changes. These and other factors
are detailed from time to time in reports filed by CP with securities
regulators in Canada and the United States. Reference should be made to
"Management's Discussion and Analysis" in CP's annual and interim
reports, Annual Information Form and Form 40-F.

Except as required by law, CP undertakes no obligation to update
publicly or otherwise revise any forward-looking information, whether
as a result of new information, future events or otherwise.

About Canadian Pacific

Canadian Pacific (CP: TSX)(NYSE: CP) operates a North American
transcontinental railway providing freight transportation services,
logistics solutions and supply chain expertise. Incorporating
best-in-class technology and environmental practices, CP is re-defining
itself as a modern 21st century transportation company built on safety,
service reliability and operational efficiency. Visit cpr.ca and see
how Canadian Pacific is Driving the Digital Railway.